Robert W. Baird Forecasts Strong Price Appreciation for Confluent (NASDAQ:CFLT) Stock

Confluent (NASDAQ:CFLT) had its price objective boosted by investment analysts at Robert W. Baird from $23.00 to $28.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 21.37% from the company’s current price.

CFLT has been the topic of several other research reports. Royal Bank of Canada dropped their target price on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Baird R W upgraded Confluent to a “hold” rating in a research note on Wednesday, September 4th. Canaccord Genuity Group reduced their price objective on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. increased their target price on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Confluent in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.86.

Confluent Stock Up 0.2 %

CFLT stock opened at $23.07 on Thursday. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The stock has a market capitalization of $7.45 billion, a P/E ratio of -19.55 and a beta of 0.88. The business has a fifty day moving average price of $20.84 and a 200-day moving average price of $24.67.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Equities analysts forecast that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 in the last quarter. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Large investors have recently modified their holdings of the business. William Blair Investment Management LLC bought a new position in shares of Confluent during the second quarter valued at approximately $193,403,000. 1832 Asset Management L.P. purchased a new stake in Confluent during the first quarter worth $181,075,000. Champlain Investment Partners LLC bought a new stake in Confluent during the 1st quarter valued at $144,563,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after acquiring an additional 2,587,169 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after acquiring an additional 1,316,804 shares during the period. Institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.